International Business Machines (NYSE:IBM) Stock Price Up 1.8% – Here’s What Happened

International Business Machines Corporation (NYSE:IBM) rose 1.8% during trading on Wednesday . The stock traded as high as $294.49 and last traded at $286.1630. 6,822,964 shares changed hands during mid-day trading, a decline of 7% from the average session volume of 7,299,441 shares. The stock had previously closed at $281.21.

Key International Business Machines News

Here are the key news stories impacting International Business Machines this week:

• Positive Sentiment: IBM is drawing attention after unveiling the world’s first sub-1 nanometer chip technology, a breakthrough that could reinforce its position in advanced semiconductor research and future AI infrastructure. International Business Machines (IBM) Is Up 10.2% After Unveiling 0.7 nm Nanostack Chip Breakthrough
• Positive Sentiment: Recent coverage says IBM has the ingredients to beat estimates again in its next earnings report, which supports expectations for another solid quarterly result. Will IBM (IBM) Beat Estimates Again in Its Next Earnings Report?
• Positive Sentiment: IBM is also benefiting from broader enthusiasm around enterprise AI adoption and AI-related cybersecurity work, including collaboration on open-source software supply chain vulnerabilities. NOW Benefits From Enterprise AI Adoption: Buy, Sell, or Hold the Stock?
• Positive Sentiment: IBM’s quantum-computing efforts are also in focus after a former chief scientist warned “Q-Day” may be just 3 to 4 years away, underscoring IBM’s role in a fast-growing strategic technology area. Former IBM Chief Scientist Warns Q-Day Is 3 To 4 Years Away—Banks Are Running Out Of Time
• Neutral Sentiment: IBM picked Stagwell as a creative partner/lead creative agency, a brand-marketing move that is unlikely to materially affect near-term fundamentals but supports ongoing corporate campaign activity. IBM Picks Stagwell as Creative Partner
• Neutral Sentiment: Separate commentary highlighted that IBM is among companies rehiring workers after AI-driven layoffs fell short, which is more of a business-model commentary than a direct earnings catalyst. Companies rehire workers laid off for AI as automation falls short

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. upgraded International Business Machines from a “neutral” rating to an “overweight” rating and upped their price target for the company from $270.00 to $291.00 in a research report on Tuesday, June 23rd. Oppenheimer reduced their price objective on shares of International Business Machines from $380.00 to $320.00 and set an “outperform” rating for the company in a research note on Thursday, April 16th. Wedbush set a $350.00 target price on shares of International Business Machines in a report on Tuesday, June 2nd. HSBC upgraded shares of International Business Machines from a “reduce” rating to a “hold” rating and increased their target price for the stock from $218.00 to $231.00 in a research note on Tuesday, April 28th. Finally, Wolfe Research lowered shares of International Business Machines to a “peer perform” rating in a research report on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $306.94.

International Business Machines Price Performance

The firm has a market capitalization of $268.96 billion, a P/E ratio of 25.30, a PEG ratio of 2.88 and a beta of 0.67. The business’s 50-day simple moving average is $254.94 and its 200 day simple moving average is $266.51. The company has a quick ratio of 0.76, a current ratio of 0.80 and a debt-to-equity ratio of 1.75.

International Business Machines (NYSE:IBM) last announced its quarterly earnings data on Wednesday, April 22nd. The technology company reported $1.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.81 by $0.10. International Business Machines had a net margin of 15.61% and a return on equity of 37.23%. The company had revenue of $15.92 billion during the quarter, compared to analysts’ expectations of $15.60 billion. During the same quarter in the prior year, the company earned $1.60 EPS. The firm’s revenue was up 9.5% on a year-over-year basis. Sell-side analysts forecast that International Business Machines Corporation will post 12.4 earnings per share for the current year.

International Business Machines Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Friday, May 8th were paid a dividend of $1.69 per share. This represents a $6.76 dividend on an annualized basis and a dividend yield of 2.4%. This is an increase from International Business Machines’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend was Friday, May 8th. International Business Machines’s payout ratio is 59.77%.

Institutional Investors Weigh In On International Business Machines

Several institutional investors have recently bought and sold shares of the stock. Family CFO Inc purchased a new position in International Business Machines in the 4th quarter worth approximately $25,000. Basepoint Wealth LLC bought a new position in shares of International Business Machines in the fourth quarter worth approximately $25,000. Portus Wealth Advisors LLC purchased a new position in shares of International Business Machines in the first quarter valued at about $26,000. Joseph Group Capital Management purchased a new position in International Business Machines during the 4th quarter valued at about $28,000. Finally, Cornerstone Financial Management LLC bought a new position in International Business Machines during the 4th quarter valued at approximately $28,000. 58.96% of the stock is currently owned by hedge funds and other institutional investors.

International Business Machines Company Profile

International Business Machines Corporation (IBM) is a global technology and consulting company headquartered in Armonk, New York. Founded in 1911 as the Computing-Tabulating-Recording Company (CTR) and renamed IBM in 1924, the company has evolved from early electromechanical machines to a diversified technology provider serving enterprises and governments worldwide. IBM is publicly traded on the New York Stock Exchange under the ticker symbol IBM.

IBM’s principal businesses encompass cloud computing and software, infrastructure and systems, consulting and technology services, and research and development.